see also

He also notes that New York slaps millionaires with a 29 percent income-tax surcharge, pushing its top tax rate to 12.7 percent in the city. Passed in 2009, it was sold as a temporary step after the financial collapse, but Gov. Cuomo keeps renewing it.

Turns out states with lower rates, or no income tax at all, saw the number of their millionaires grow faster than not only New York but the nation as a whole. Among the 10 with the most seven-figure earners, California’s millionaire class grew 72.2 percent; Florida’s, 69 percent; Texas’, 58.3 percent; and Massachusetts’, 57.3 percent.

Notably, Florida and Texas have no income tax, and Massachusetts’ rate is a flat 5.1 percent. To be fair, California actually charges a bit more than New York, but it still does extremely well, thanks to the explosive growth of top earners in Silicon Valley.

More than bragging rights are at stake: As McMahon notes, the trend bears watching because it reflects economic growth — and because the Empire State depends “heavily” on its top earners for its tax intake.

He’s also noted that New York’s personal-income tax accounts for two-thirds of the state’s tax revenue, and 40 percent of that comes from the top 1 percent of earners.

Meanwhile, ever more of New York’s top taxpayers don’t even live here: 59 percent of $10 million-plus filers are non-residents.

Even Cuomo sees a link between taxes and where one lives: “People will take a certain amount of abuse, and then there is a point,” he has said. That point is unknown, but “you don’t want to reach” it.

Oops: When it comes to top earners, it looks like New York is already there.